"The outstanding collaboration between the two teams resulted in a swift completion of this agreement, which will pave the way to capture further growth opportunities," he added.

According to the statement, the deal will significantly boost Nestle's portfolio in North America.

Bloomberg News said Nestle has struggled in the US for years.

Under Schneider's leadership, Nestle has made coffee a key priority in its growth strategy, particularly in the US.

Since the CEO took over in January 2017, the group has bought a majority stake in California-based high-end brand Blue Bottle Coffee and acquired Texan brand Chameleon Cold Brew.

Starbucks CEO Kevin Johnson said his firm is also set for a major boost under the deal.

"Bringing together the world's leading coffee retailer, the world's largest food and beverage company, and the world's largest and fast-growing installed base of at-home and single-serve coffee machines helps us amplify the Starbucks brand around the world while delivering long-term value creation for our shareholders," Johnson said.